No doubt noticed the increasing use of the word ‘PropTech’ in Estate and Letting industry websites over the past few years.
If you haven’t guessed, that’s property technology.
The property market has been evolving for years. People dont their property from driving around looking at for sale boards or looking property section of the local rag to choose your next home. Instead, most house hunters use websites like Rightmove and Zoops. Now or course there are agents up and down the High Street with their windows full of perspex holders with pictures of houses, but the technology behind selling a house is changing.
This has come about becuase the world has changed. Business models in the world are changing. Just think about how you choose a hotel (TripAdvisor), get a takeaway (Just Eat), Date (Tinder) or take a taxi (Uber). No industry can afford to stay stagnant.
So what is proptech, exactly?
It refers to the wave of companies using technology to adopt, adapt and improve the services we rely on in the property industry to sell, let and manage residential property.'
PropTech companies have set out to improve our experience of a range of services in the property industry from accessing mortgages to managing the whole buying and letting service
Some of it is utter crap and pie in the sky - whilst other parts might just save your sorry backside from the online 'cheap fee call centre' agents
I discussed the topic in great detail at the recent ARLA Conference with Simon Whale from Reapit